Qualified Transportation Fringe Benefits

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Employers may provide workers with up to $115 per month in tax-free transit and vanpool benefits in 2007. According to Internal Revenue Bulletin: 2007-45 (November 5, 2007), for taxable years beginning in 2008, the monthly limitation under Section 132(f)(2)(A) Qualified Transportation Fringe Benefits regarding the aggregate fringe benefit exclusion amount for vanpools (commuter highway vehicles) and transit passes is $115. The monthly limitation under Section 132(f)(2)(B) regarding the fringe benefit exclusion amount for qualified parking is $220. Commuters can receive both the transit and parking benefits (i.e., up to $335 per month). Employers can allow employees to use pretax dollars to pay for transit passes, vanpool fares and parking.

These new limits are found under section 132(f) "Qualified Transportation Fringe".

FAQ on Qualified Transportation Fringe Benefits

IRS Final Rule on Qualified Transportation Fringe Benefits (Section 132(f)) issued 1/11/01

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